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AN ORDINANCE GRANTING A THIRTY-FIVE (35) YEAR TAX ABATEMENT PURSUANT TO THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY LAW OF 1983, AS AMENDED AND SUPPLEMENTED, N.J.S.A. 55:14K-1 ET SEQ. TO 10 PARK PLACE NEWARK LLC, C/O BERGER ORGANIZATION, ROBERT TREAT CENTER, 50 PARK PLACE, NEWARK, NEW JERSEY 07102 FOR THE ADAPTIVE REUSE OF THE PROPERTY LOCATED AT 10 PARK PLACE INTO A TEN (10) STORY HIGH-RISE ELEVATOR BUILIGING WITH 196-UNIT FULLY AFFORDABLE RESIDENTIAL RENTAL PROJECT WITH UNITS CONSISTING OF FIFTY-FOUR (54) STUDIO UNITS, ONE-HUNDRED AND SIXTEEN (116) ONE-BEDROOM UNITS, SIXTEEN (16) TWO-BEDROOM UNITS AND TEN (10) THREE-BEDROOM UNITS, OF WHICH 195 HOUSING UNITS SHALL BE RESTRICTED TO TENANTS WHICH AVERAGE 50.1% OF THE AREA MEDIAN INCOME ("AMI"), WHICH INCLUDE EIGHT (8) STUDIO APARTMENTS, SIXTEEN (16) ONE-BEDROOM APARTMENTS, ONE (1) TWO-BEDROOM APARTMENT, AND ONE (1) THREE-BEDROOM APARTMENT UNIT SHALL BE RESTRICTED TO TENANTS AT OR BELOW 30% OF THE AMI; EIGHTEEN (18) STUDIO APARTMENTS, FORTY-THREE (43) ONE-BEDROOM APARTMENTS, SEVEN (7) TWO-BEDROOM APARTMENTS, AND FOUR (4) THREE-BEDROOM APARTMENTS RESTRICTED TO TENANTS AT OR BELOW 50% OF THE AMI; AND TWENTY-SEVEN (27) STUDIO APARTMENTS, FIFTY-SEVEN (57) ONE-BEDROOM APARTMENTS, EIGHT (8) TWO-BEDROOM APARTMENTS, AND FIVE (5) THREE-BEDROOM APARTMENTS SHALL BE RESTRICTED TO TENANTS AT OR BELOW 60% AMI (THE "INCOME RESTRICTED UNITS"), TOGETHER WITH APPROXIMATELY 4,500 SQUARE FEET OF GROUND FLOOR AND CELLAR RETAIL SPACE (THE "RETAIL") AND ASSOCIATED AMENITIES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 2-4 PARK PLACE, 6 PARK PLACE, AND 8-12 PARK PLACE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 17, LOTS 7, 9, AND 10 (THE "PROJECT").
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WHEREAS, 10 Park Place Newark LLC, having its principal office at Berger Organization, Robert Treat Center, Fifty Park Place, Newark, New Jersey 07102 (the "Entity") has applied for a long term tax exemption pursuant to the New Jersey Housing a...
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